Reserves and Resources Statement
Aurizona project consolidated mineral resource table. Inclusive of reserves effective as of January 29, 2013.
| Deposit |
Deposit |
Classification |
Tonnes |
Au g/t |
Au oz. |
| Piaba |
Pit Constrained |
Measured |
19,510,000 |
1.36 |
850,000 |
|
|
Indicated |
59,010,000 |
1.40 |
2,652,000 | |
|
|
Measured and Indicated |
78,520,000 |
1.39 |
3,502,000 | |
|
|
Inferred |
6,990,000 |
1.61 |
362,000 | |
|
Outside Pit Shell |
Inferred |
9,450,000 |
1.95 |
592,000 | |
|
|
|
|
|
| |
| Tatajuba |
Pit Constrained |
Indicated |
1,380,000 |
1.40 |
62,000 |
|
|
Inferred |
810,000 |
1.39 |
36,000 | |
|
|
|
|
|
| |
| Boa Esperança |
Pit Constrained |
Indicated |
1,430,000 |
0.79 |
36,000 |
|
|
Inferred |
970,000 |
1.00 |
31,000 | |
|
|
|
|
|
| |
| Conceiçao |
Pit Constrained |
Indicated |
160,000 |
0.75 |
4,000 |
|
|
Inferred |
60,000 |
0.82 |
2,000 | |
| Ferradura |
Pit Constrained |
Indicated |
500,000 | 1.65 |
27,000 |
|
|
Inferred |
260,000 |
1.65 |
14,000 | |
|
|
|
|
| ||
| Total |
Pit Constrained and Outside Pit |
Measured |
19,510,000 | 1.36 |
850,000 |
|
Indicated |
62,480,000 | 1.38 |
2,781,000 | ||
|
Measured and Indicated |
81,990,000 | 1.38 |
3,631,000 | ||
|
Inferred |
18,540,000 | 1.74 |
1,036,000
|
Notes:
1. Open Pit resources (Whittle pit® optimization) are constrained by a 0.30 g/t Au grade domain and stated at the following cut-off grades for Piaba, Boa Esperança, Ferradura and Conceiçao: Laterite & Saprolite - 0.322 g/t Au, Transition - 0.364 g/t Au and Fresh Rock - 0.400 g/t Au based on a gold price of US$1,500 per ounce, pit slopes of 45 for Laterite/Saprolite/Transition and 55 for Fresh Rock, mining cost of US$1.80/t material moved, process and G&A cost of US$14.00/t (Laterite/Saprolite), US$15.50/t (Transition) and US$17.00/t (Fresh), recoveries of 92% (Laterite/Saprolite) and 90% (Transition/Fresh Rock) and selling cost (transportation, insurance, royalty) of US$30.00/t.
2. Open Pit resources (Whittle pit® optimization) are constrained by a 0.30 g/t Au grade domain and stated at the following cut-off grades for Tatjuba: Laterite & Saprolite - 0.368 g/t Au, Transition - 0.411 g/t Au and Fresh Rock - 0.447 g/t Au based on the same parameters as outlined in point 1 above plus an additional cost of US$2.00/t for transportation to the Aurizona mill.
3. Fresh rock outside pit shell resources are stated at the following cut-off grades for Piaba: 1.50 g/t Au based on a gold price of US$1,500 per ounce, mining cost of US$45.00/t moved, process and G&A cost of US$19.00/t, recovery of 90% selling cost of US$30.00/t and an additional 1% royalty increase.
4. Aurizona topography is current as of October 31, 2012.
5. Maptek's Vulcan v8.1.4 was used in the resources estimation including compositing and grade estimation. Internal waste blocks include the 0.30 g/t Au.
6. Grade shell were designated through indicator kriging. Gold was estimated separately in the internal waste blocks and the mineralized blocks by the ID3 algorithm.
7. Block dimensions are 10m x 5m in the xy plane x 3m on the z axis. Sub-blocking to 1m x 1m in the xy plane and 3m in the z axis was performed at the 0.30 g/t Au grade domain margins and at topography.
8. The Aurizona resource estimates are supported by the following number of individual specific gravity measurements: Piaba - 12,657; Boa Esperança - 1,273; Tatajuba - 804; Ferradura - 1,000; Conceiçao - 473.
9. The Piaba database contains 77,574 metres consisting of 351 diamond drill holes, 142 reverse circulation holes and 448 auger drill holes.
10. The Boa Esperança database contains 9,015 metres consisting of 15 diamond drill holes, 142 reverse circulation holes, 175 auger drill holes and 8 trenches.
11. The Tatajuba database consists of 4,740 metres in 45 diamond drill holes (2008).
12. The Ferradura database contains 5,398 metres consisting of 17 diamond drill holes, 13 reverse circulation holes, 118 auger drill holes and 9 trenches.
13. The Conceiçao database contains 2,834 metres consisting of 7 diamond drill holes, 10 reverse circulation holes, 79 auger drill holes and 5 trenches.
14. The following capping values were used prior to compositing: Piaba (Laterite - 11 g/t Au, Saprolite - 18 g/t Au, Transition/Fresh Rock - 25 g/t Au), Tatajuba - 10 g/t Au, Boa Esperança - 6 g/t Au, Ferradura - 10 g/t Au and Conceiçao - 3 g/t Au.
15. Tonnes are rounded to the nearest 10,000. Ounces are rounded to the nearest 1,000 and small tonnage and grade differences may be found due to rounding.
16. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.
17. There may be political, environmental, legal and other risks that may materially affect the mineral resource estimate disclosed in this press release.
18. The independent Qualified Person who prepared the preparation of the mineral resource estimate is Leah Mach, CPG, of the Denver office of SRK Consulting (U.S.), Inc.
Piaba deposit, Aurizona project mineral Reserve table, effective as at December 31, 20123.
| Deposit | Classification | Tonnes | Au g/t | Au Ounces |
| Piaba | Proven |
19,810,270 |
1.26 |
807,389 |
| Probable |
35,643,165 |
1.35 |
1,547,887 | |
|
Proven & Probable |
55,453,435 |
1.32 |
2,355,276 |
Notes:
1. Luna Gold Mineral Resource upgrade March 14, 2013.
2. April 2013 Reserve is based on a gold price of US$1,350 per ounce.
3. The model was depleted to the end of month topography December 2012.
4. Includes 98% mining recovery.
5. Includes 10% mine dilution.
6. Includes foreign exchange conversion rate of 1.9 Brazilian Real to 1 US Dollar.
7. Break even cut off grades of 0.44 g/t, 0.49 g/t and 0.51 g/t were used for saprolite, transition and fresh rock ore types, respectively.
8. Metallurgical recoveries are included in the cut-off grade calculations and calculated to be 92% for saprolite and laterite, 91% for transition and 91% for fresh rock, respectively.
9. Au ounces exclude metallurgical recoveries.
10. April 2013 Reserve is presented in accordance with the classification standards established by the Canadian Institute of Mining, Metallurgy and Petroleum.
11. The estimates of mineral reserves may be materially affected by geotechnical, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
12. The mineral reserve estimate has been prepared and overseen by Qualified Persons Alberto Reyes, Chartered Professional with the Australian Institute of Mining and Metallurgy (AusIMM) and G. Peter Mah P Eng Ontario and independently reviewed by Sam Shoemaker, Registered SME Member, Micon International Limited.
The updated Piaba resource announced on March 14, 2013 serves as the basis for the April 2013 Reserve which has been estimated assuming a spot gold price of $1,350 per ounce, mining recovery of 98%, and dilution of 10%. These assumptions result in a life of mine strip ratio (waste:ore) of 6.6:1.
Aurizona Mineral Reserves at July 13, 2010
|
Deposit |
Classification |
Kt |
Au g/t |
Au oz. |
|
Aurizona |
Proven and Probable |
17,167 |
1.36 |
731,000 |
Aurizona Notes - Mineral resources that are not mineral reserves do not have demonstrated economic viability. Leah Mach, Eric Olin and Bret Swanson of SRK Consulting are the qualified persons ("QP") under NI 43-101 who have prepared the resources and reserves estimates contained in this presentation. All of the QP's are independent of the Company as defined under NI 43-101. For additional information with respect to the assumptions and parameters related to the technical information disclosed herein, refer to the Report. The full NI 43-101 Technical Report dated September 1, 2010 can be found at www.sedar.com.
